Learn More About the CPA Exam Review Format
If you’re planning to take the Uniform CPA Examination in 2013, you’ll be sitting for a different exam than those who have gone before you. The 2013 ExamMatrix CPA Review incorporates these changes (the result of the AICPA’s Computer-Based Testing-evolution, or CBT-e), and there is no better way to prepare for the new CPA exam than with the ExamMatrix Review.
As of January 2013, the Uniform CPA Examination features new content and formatting. The changes are designed to assess knowledge and skills in a context that reflects today’s professional environment. Although the four sections of the CPA Exam remain the same – Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG), and Business Environment and Concepts (BEC) – the revised exam includes the following changes:
- International Standards – including International Financial Reporting Standards (IFRS) – are now eligible to be tested on the exam.
- The multi-task simulations on the exam have changed to shorter Task-Based Simulations (TBS), and the Research TBS feature different formatting from the previous years’ Research simulations.
- The components of the AUD, FAR and REG sections now consist of three multiple-choice question testlets and one testlet containing six or seven of the new Task-Based Simulations (TBS). The multiple-choice testlets account for 60% and the TBS account for 40% of the total score for each section. The components of the BEC section now consist of three multiple-choice question testlets (85% of the total score) and three written communication tasks (essay-based TBS, 15% of the total score).
- While the total testing time for all sections of the examination remains unchanged at fourteen hours, testing time for the AUD section has been shortened to four hours and testing time for the BEC section has been increased to three hours. (Times for FAR and REG remain the same.)
- The FASB Accounting Standards Codification® replaces several types of authorities.
Following are the revised Content Specification Outlines for each section, along with the percentage of total test questions associated with each area:
Auditing and Attestation (AUD)
- Engagement Acceptance and Understanding the Assignment (12%-16%)
- Understanding the Entity and Its Environment (Including Internal Control) (16%-20%)
- Performing Audit Procedures and Evaluating Evidence (16%-20%)
- Evaluating Audit Findings, Communications, and Reporting (16%-20%)
- Accounting and Review Services Engagements (12%-16%)
- Professional Responsibilities (16%-20%)
Financial Accounting and Reporting (FAR)
- Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements (17%-23%)
- Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27%-33%)
- Specific Transactions, Events, and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27%-33%)
- Governmental Accounting and Reporting (8%-12%)
- Not-for-Profit (Nongovernmental) Accounting and Reporting (8%-12%)
- Ethics, Professional, and Legal Responsibilities (15%-19%)
- Business Law (17%-21%)
- Federal Tax Process, Procedures, Accounting, and Planning (11%-15%)
- Federal Taxation of Property Transactions (12%-16%)
- Federal Taxation of Individuals (13%-19%)
- Federal Taxation of Entities (18%-24%)
Business Environment and Concepts (BEC)
- Corporate Governance (16%-20%)
- Economic Concepts and Analysis (16%-20%)
- Financial Management (19%-23%)
- Information Systems and Communications (15%-19%)
- Strategic Planning (10%-14%)
- Operations Management (12%-16%)
For complete, detailed information regarding the application process, scheduling, testing centers, prohibited items, the grading process, content, etc. please review the Uniform CPA Examination’s Candidate Bulletin.